Today, the Division of Trading and Markets released its staff report on the Fixed Income Market Structure Advisory Committee’s work over the past year.  I would like to sincerely thank the Committee members and the SEC staff for their hard work and very meaningful contributions to the Commission.

As is evident from each of the annual staff reports on the Committee’s work,[1] the Committee’s esteemed members have made tremendous efforts in advising the Commission on fixed income market structure over the past three years.  The Committee has held 11 meetings and made 16 pragmatic, investor-focused recommendations, and its members have participated in countless subcommittee meetings.  I sincerely appreciate the Committee’s thoughtful consideration of a broad range of topics, and I am pleased to say that the Commission staff and the Financial Industry Regulatory Authority have explored and moved forward on many of the Committee’s recommendations, to the great benefit of market participants.

I would like to thank each of our Committee members as well as the esteemed panelists that have presented to the Committee.  Your contributions have been significant.  I also want to recognize the contributions of Committee Chairman, Michael Heaney, who has ensured that the Committee worked collaboratively and rigorously, always with the interests of our investors in mind.

I would also like to thank the staff of the Division of Trading and Markets and the Division Director, Brett Redfearn, who dedicated countless hours to carefully considering and facilitating the Committee’s work.  Specifically, I would like to thank Elizabeth Baird, Dave Shillman, John Roeser, Ben Bernstein, David Dimitrious, Steven Despres, Tom Eady, Arisa Kettig, Ruben Navarro, Ted Uliassi, Andrea Orr, and Justin Pica.

I would also like to thank staff from the Office of Municipal Securities, the Division of Investment Management, Office of Credit Ratings, and Division of Economic and Risk Analysis for their support of the Committee, including Rebecca Olsen, Ahmed Abonamah, Adam Wendell, Adam Allogramento, Jessica Kane, Annemarie Ettinger, Rolaine Bancroft, Paul Cellupica, Christian Broadbent, Jessica Shin, Amy Edwards and Diana Knyazeva.